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25 SEPTEMBER 2018
Keep up to date with developments in fraud and money laundering compliance, regulation and developments. Only £295 for a full year's access and six printed newsletters.

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Page 1 of 29
Finally a bank prepared to prove their own identity Barclays commitment to beating scammers Well done for Barclays for being the first bank taking responsibility for proving their identity. For a ...
Tuesday, 18 September 2018
Report into Equifax breach highlights key areas of concern 145.5 million US and 15.2 million UK records were compromised - official Failures in detection, segmentation and data governance have all been ...
Wednesday, 12 September 2018
Lloyds glitch shows up faults in disaster recovery Lack of customer communication with social media lethargy hampers response New report highlights poor communication amongst banks Can lessons be learnt ...
Thursday, 06 September 2018
Employees cause the most breaches Insider Threat Intelligence Report Despite increasing investment in security tools, organizations are still getting breached. In fact, the 2018 Verizon Data Breach Investigations ...
Monday, 03 September 2018
If you thought GDPR was bad, watch out for ePrivacy Regulation New EU rules will have substantial impact on digital marketing, advertising and all things virtual A new wide-reaching privacy regulation ...
Wednesday, 29 August 2018
Financial Ombudsman supports victims of scams "Customers not always negligent" Banks must not automatically blame their customers if targeted by sophisticated scammers, the Financial Ombudsman Service ...
Thursday, 23 August 2018
North Koreans hack exchange with first MacOS Malware North Korean hackers have infected a cryptocurrency exchange with malware for both Windows and macOS for reportedly the first time, Russian internet ...
Thursday, 23 August 2018
FBI warns of global ATM cyber crime spree Criminals gaining access via bank systems The FBI is warning banks that cyber criminals are planning a highly-coordinated attack on cash machines around the ...
Tuesday, 14 August 2018
9. Three Tips for Combating Fraud
(Features/Financial fraud)
Three Tips for Combating Fraud Chris Camacho, Chief Strategy Officer at Flashpoint Fraud is an inevitability of business, and one that most wont concede theyre susceptible to. But the blunt truth is, ...
Monday, 13 August 2018
When its not worth your company reputation Lawyers being used to mitigate against calamity There are few quicker ways to destroy a company than damage to reputation, and the threat can come from just ...
Wednesday, 08 August 2018
Legal & General under siege after string of complaints FCA told of "toxic" risk and compliance culture A series of complaints to the Financial Conduct Authority has cast a shadow over the UKs largest ...
Monday, 06 August 2018
Digital India project causes payment card spike EMV migration plans accelerated Credit and debit card fraud has jumped 42% in 2017, with much of the blame being attributed to the governments desire ...
Friday, 03 August 2018
Largest whistleblower award to date for commodity fraud The Commodity Futures Trading Commission (CFTC) has announced its largest whistleblower award to-date in a commodity fraud case.  It has issued ...
Tuesday, 31 July 2018
IBM and  banks work on blockchain marketplace for compliance Applications available would include KYC processes, sanctions screening, collateral management, derivatives post-trade processing and reconciliation ...
Monday, 30 July 2018
15. Dealing with insider threats
(Features/Cybercrime)
Dealing with insider threats To tackle insider threats, managers and IT leaders need to take an entirely different approach which can vary depending on the business environment, argues Ronald Sens, EMEA ...
Monday, 09 July 2018
Compensation offers from Lloyds top £76m Criticism of delays in admitting wrongdoing NCA launches wider criminal investigation into Reading fraud     Lloyds Banking Group has reported to a UK parliamentary ...
Thursday, 05 July 2018
French fraud investigators confiscate Chinese Bordeaux estates French fraud investigators have confiscated 10 estates in Bordeaux belonging to the Chinese Haichang Group over alleged financial irregularities ...
Monday, 02 July 2018
18. Why bank fraud levels are not falling
(Features/Cards and Payments)
Why bank fraud levels are not falling Improving detection and prevention in an evolving threat landscape. Steven Murdoch, innovation security architect at OneSpan, explains why fraud levels continue ...
Monday, 02 July 2018
Wolf of Wimbledon gets additional jail term Sanction after failure to pay confiscation order Convicted boiler room fraudster Jeffrey Revell-Reade has had his default prison sentence of four years ...
Wednesday, 27 June 2018
20. PayPal buys fraud prevention platform
(News/Cards and Payments)
PayPal buys fraud prevention platform Latest acquisition adds to spending spree PayPal is making another acquisition after agreeing to buy fraud prevention and risk management platform Simility ...
Monday, 25 June 2018
21. 16 crypto-exchanges meet with Europol
(News/Cards and Payments)
16 crypto-exchanges meet with Europol Over 300 attend conference to discuss legitimate uses of currencies Representatives from 16 cryptocurrency exchanges attended the 5th Europol Virtual Currencies ...
Friday, 22 June 2018
22. 95 arrested in CNP fraud crackdown
(News/Cards and Payments)
95 arrested in CNP fraud crackdown Police operation across 28 countries Ninety-five suspected members of internet-based criminal networks suspected of online card not present (CNP) fraud have ...
Thursday, 21 June 2018
Merrill Lynch charged over mortgage-backed securities Investment bank employees violated anti-fraud provisions Merrill Lynch has been ordered to reimburse customers after regulators found that its ...
Monday, 18 June 2018
Crypto exchanges and wallets failing to check customers Lack of KYC means criminals and PEPs can trade freely An estimated 68% of custodian wallets and crypto exchanges are allowing users to trade ...
Friday, 15 June 2018
Cryptocurrency thefts top US$1bn in six months Exchanges are most vulnerable target A total of $1.1bn in cryptocurrency-related thefts took place during the past six months. The figure comes from ...
Thursday, 14 June 2018
White collar crime prosecutions fall Police and prosecutors struggling with lack of resources There has been another 6% fall in prosecutions in the UK for white collar crime in the past year, ...
Wednesday, 13 June 2018
Fraudster convicted after private prosecution CPS had refused to action case against investment scam A man has been convicted for his role in a 100m fraud following a private prosecution by the ...
Tuesday, 12 June 2018
28. Korean crypto exchange hacked
(News/Cards and Payments)
Korean crypto exchange hacked Attackers get away with alt coins South Korean cryptocurrency exchange Coinrail says hackers have stolen about one-third of the coins traded on its market. Coinrail ...
Monday, 11 June 2018
29. FCA fines Indian bank
(News/Money laundering)
FCA fines Indian bank Penalty for AML failures The UK division of Indias Canara Bank has been fined £896,100 by the Financial Services Authority for failures in its anti-money laundering (AML) ...
Friday, 08 June 2018
30. New SFO director named
(News/Investigations)
New SFO director named Former US federal prosecutor takes over at agency Lisa Osofsky has been appointed as the next director of the UK Serious Fraud Office. She joins the SFO from Exiger, ...
Monday, 04 June 2018
28 jailed for Abu Dhabi bank fraud Convicted gang will be deported after serving terms 28 men have received jail terms totalling 283 years for their roles in a Dh635m (Eur148.33m) bank fraud in ...
Friday, 01 June 2018
32. US plans to amend Volcker Rule
(News/Regulation)
US plans to amend Volcker Rule Smaller institutions to be exempted from compliance requirements The Federal Reserve Board has asked for comment on a proposed rule to loosen Volcker Rule ...
Thursday, 31 May 2018
Blockchain evangelist charged over alleged ICO scam Accused falsely claimed to have clients including PayPal and Boeing An alleged ongoing fraud involving an initial coin offering (ICO) has been ...
Wednesday, 30 May 2018
Social engineering fraud group broken up Criminals made more than Eur8m Spanish and Romanian police have broken up a criminal group that made more than Eur8m by posing as suppliers for public sector ...
Tuesday, 29 May 2018
Bank chats with customers to stop fraud Challenger enables two-way 'conversation feature on app Challenger bank Tandem has launched a new feature on its account aggregating app enabling users ...
Thursday, 24 May 2018
The top 5 cyberattack threats to banks in 2018 Report identifies main high tech wrecking balls State actors top the list of major cyberattack threats to banks in 2018. North Koreas state-sponsored ...
Tuesday, 22 May 2018
Speed of bank digital transformation creates new risks Vulnerabilities from digital outsourcing The speed and scale of digital transformation within the financial services industry is contributing ...
Monday, 21 May 2018
Bank fears over APP fraud reimbursement plans New code for push payment scams due in September Plans by UK regulators requiring customers to be reimbursed for authorised push payment (APP) frauds ...
Thursday, 17 May 2018
19 arrested in Lithuanian AML crackdown Gang had strong links with criminal groups abroad Police have arrested 19 members of suspected money laundering gang in Lithuania. Investigations started ...
Wednesday, 16 May 2018
Facebook becomes FIDO Alliance board member Company joins efforts reliance on password Facebook has been appointed to the board of directors of strong authentication technology group the FIDO ...
Tuesday, 15 May 2018
41. Singapore issues bank AML best practices
(News/Money laundering)
Singapore issues bank AML best practices Advice highlights red flags in customer behaviour and transaction patterns Newly-issued recommendations provide a set of best practices for financial institutions ...
Monday, 14 May 2018
Barclays boss fined for trying to identify whistleblower First case brought under Senior Managers Regime Barclays CEO James Staley has been fined £642,430 for attempting to uncover the identity of ...
Friday, 11 May 2018
Global approach is only way to combat laundering Secure sharing of information between stakeholders is vital Banks are spending US$20bn on compliance in an effort to combat money laundering, ...
Tuesday, 08 May 2018
44. GDPR phishing warning
(News/Regulation)
GDPR phishing warning Emails pose as consent-seeking requests from major companies Attackers are using fake GDPR-related emails about privacy that spread malware and try to trick recipients into ...
Friday, 04 May 2018
Former Autonomy executive convicted Value of company was inflated prior to US$7.1bn acquisition The former chief financial officer of UK software company Autonomy has been found guilty in a US ...
Tuesday, 01 May 2018
37% of FS firms to miss GDPR deadline Managed services counts for biggest share of compliance expenditure Thirty-seven per cent of financial services companies do not expect to be compliant with ...
Wednesday, 25 April 2018
NY authorities launch crypto platform probe Investigation seeks greater transparency in sector The New York Attorney General has launched an investigation to increase the level of transparency ...
Friday, 20 April 2018
Nearly fifth of estate agents get AML fines New regulations leave manyout of compliance Estate agents are being fined an average of £11,842 for non-compliance with anti-money laundering regulations, ...
Wednesday, 18 April 2018
Processors reveal top payment concerns of merchant clients Value added services such as fraud prevention used to attract more merchants Chargeback rates are the biggest payment acceptance issue ...
Tuesday, 17 April 2018
Microsoft engineer charged with ransomware attacks Money alleged to have been laundered through digital currency A Microsoft network engineer has appeared in court in the US on charges of money ...
Monday, 16 April 2018
Regulator warns of widespread cryptocurrency investment frauds Promoters failing to disclose sufficient details to investors There is widespread fraud involving cryptocurrency investment offerings, ...
Friday, 13 April 2018
52. SFO appoints interim director
(News/Investigations)
SFO appoints interim director Permanent incumbent has been found but cannot take up post immediately Mark Thompson has been appointed as interim director of the Serious Fraud Office. The SFO says ...
Wednesday, 11 April 2018
Gang used Bitcoin used to help launder over Eur8m Cryptocurrencies increasingly utilised by crime groups, warns Europol Eleven people have been arrested in connection with a crime ring said to ...
Tuesday, 10 April 2018
Arrest after thousands of Polish ransomware attacks Suspect faces 181 charges Police in Poland have arrested a suspect, known online as "Armaged0n", who is thought to have encrypted several thousands ...
Monday, 09 April 2018
India cracks down on VCs and payments storage Measures follow concerns over security and regulatory supervision Indian regulators have banned the countrys banks from handling virtual currency transactions. ...
Friday, 06 April 2018
US$670m lost to crypto hacks and scams in 2018 One ICO accounts for quarter of all losses since 2011 Cryptocurrency hacks and scams have resulted in losses of US$670m in the first three months of ...
Thursday, 05 April 2018
Final agreement on Fifth AML Directive proposals - Consensus on anti-money laundering amendments including prepaid cards and virtual currencies - The major provisions affecting banks - Patchy adoption ...
Thursday, 05 April 2018
New malware targets crypto and digital currencies Copied payment details are modified to divert transactions Researchers have identified a new form of malware that modifies wallet or payment details ...
Wednesday, 04 April 2018
South Africa overhauls regulatory system Two new supervisory bodies created South Africa has completed a major restructure of its financial regulatory system. A new twin peaks model with two new ...
Wednesday, 04 April 2018
60. Barclays agrees US$2m penalty
(News/Regulation)
Barclays agrees US$2m penalty Ring fencing of bank operations completed Barclays Bank has been given a US$2bn civil penalty by US regulators for its role in selling mortgage-backed securities in the ...
Tuesday, 03 April 2018
61. Privacy Statement
(News/Data security)
Privacy Statement Context and overview details     Privacy Policy for McIntosh Media Ltd and C&M Publications Ltd from May 23, 2018     Next review date: May 23, 2019 This privacy policy has been ...
Monday, 02 April 2018
Facebook passwords sold for a pittance on the Dark Web Hacked financial data fetches several times more Login details for Facebook are being sold for just US$5.20 on the Dark Web, despite enabling ...
Wednesday, 28 March 2018
Senate passes bill to repeal parts of Dodd-Frank Proposals mostly affect regional and community banks The Senate has approved proposals to roll back some of the Dodd-Frank Act controls on banking ...
Tuesday, 27 March 2018
Banking optimism levels plummet after new regulations Compliance costs could rise to 10% of total company revenue Optimism levels in the financial services sector have fallen to levels not seen ...
Monday, 26 March 2018
Malta bank boss arrested over US sanctions breaking Islands authorities see control of bank The boss of Malta-based Pilatus Bank has been arrested in the US over allegations that he took part in ...
Thursday, 22 March 2018
Steward Bank rolls out tech to combat cyber-fraud Multichannel transaction monitoring system Zimbabwean Steward Bank is strengthening its defences by rolling out an anti cyber-fraud solution from ...
Tuesday, 20 March 2018
Financial services firms lose US$2.67 for each US$1 of fraud Digital channels a particular danger for industry For every dollar of fraud, US financial services companies incur $2.67 in costs including ...
Monday, 19 March 2018
Europol appoints new executive director Rob Wainwright finishes term in May The current commissioner general of the Belgian Federal Police, Catherine De Bolle, has been appointed as the new executive ...
Friday, 16 March 2018
Crypto exchange partners with bank for Faster Payments access Move as SEC fires warning of increased scrutiny of exchanges Barclays has become the first major UK bank to partner with a cryptocurrency ...
Wednesday, 14 March 2018
DoJ may extend FCPA guidance on corporate disclosure Guidance could be used to settle financial fraud and corporate securities cases The US Department of Justice may extend its Foreign and Corrupt ...
Monday, 12 March 2018
Regulator warns of action against law firms Companies failing to meet new AML regulations The UK legal sector regulator says anti-money laundering failures at some law firms are a cause for serious ...
Thursday, 08 March 2018
Two held in France over major CEO fraud Investigation centres on alleged Romanian company managers House searches in France have led to the arrests of two individuals suspected of large-scale CEO ...
Monday, 05 March 2018
Five European banks among top 10 most fined Details of regulatory fines since crisis Risks remain despite predicted lighter touch of Trump adminstration Banks have been fined a total of US$243bn ...
Tuesday, 27 February 2018
Chief risk officers face 200 regulatory changes daily Cost of compliance hits bank profits The global volume of regulatory revisions that bank chief risk officers must monitor and implement ...
Friday, 23 February 2018
Betting firm to pay £6.2m for laundering failures Systemic failure by senior management Betting company William Hill has been told to pay £6.2m penalty for systemic senior management failure to ...
Thursday, 22 February 2018
Bank fined US$613m after AML investigation Suspicious transactions were not reported US Bank has been fined a total of US$613m for failures in its anti-money laundering compliance programmes. The ...
Wednesday, 21 February 2018
Senior ECB official held over Latvia fraud Latest scandal hits countrys troubled financial sector A senior member of the European Central Bank has been detained over allegations of money laundering ...
Monday, 19 February 2018
Indian bank giant hit by US$1.8bn fraud Alleged case took place at single branch Punjab National Bank (PNB) is investigating an alleged US$1.8bn fraud that took place at a single branch in Mumbai. ...
Friday, 16 February 2018
Equifax admits breach was wider than reported Senator demands company produces full details Equifax has revealed more details of the 2017 breach of its systems, following claims that it was much ...
Wednesday, 14 February 2018
Italian cryptocurrency exchange loses US$170m Founder denies claims of exit scam The Italian cryptocurrency exchange BitGrail says it has been hacked and lost US$170m in customer money held through ...
Tuesday, 13 February 2018
Financial services cyberattacks triple in five years Breaches cost more to contain than in any other industry The rate of global cyber-breaches breaches in the financial services industry has tripled ...
Tuesday, 13 February 2018
82. Global card fraud network broken up
(News/Cards and Payments)
Global card fraud network broken up 36 people charged from crime empire that planned to steal US$2.2bn US prosecutors say they have broken up an online forum that committed frauds around the world ...
Monday, 12 February 2018
Police release ransomware decryption keys 52 tools now available to unlock encrypted files Belgian Federal Police are releasing free decryption keys that enable Cryakl ransomware to be unlocked.  ...
Friday, 09 February 2018
Cryptocurrency marketplaces hit by range of attacks Up to 20% of all Bitcoin estimated to be in fraudsters' hands Cryptocurrency marketplace are experiencing a range of fraudulent activity involving ...
Thursday, 08 February 2018
Tesco trial abandoned after accused has heart attack SFO to decide on whether to pursue re-trial The fraud and false accounting trial of three former Tesco directors has been abandoned after one ...
Wednesday, 07 February 2018
Cryptocurrency mining rises up list of malware threats Over half of global organisations now impacted Crypto-mining malware rose rapidly in rankings of the most prevalent global malware for December ...
Tuesday, 06 February 2018
87. SFO widens Petrofac investigation
(News/Investigations)
SFO widens Petrofac investigation Company CEO at centre of separate Italian probe The Serious Fraud Office is widening its investigation into alleged bribery, corruption and money laundering by UK ...
Monday, 05 February 2018
Regulators unfairly targeting compliance officers Bank compliance boss warns of industry brain drain if perceptions do not change Compliance officers in the financial sector think that they are ...
Friday, 02 February 2018
MEPs approve new rules to speed up asset freezing 98.9% of criminal assets in EU are never seized A key committee of MEPs has approved new rules intended to make it quicker and easier for member ...
Thursday, 01 February 2018
90. SEC sues cryptocurrency bank
(News/Court cases)
SEC sues cryptocurrency bank ICO at centre of fraud allegations The US Securities and Exchange Commission has halted an allegedly fraudulent initial coin offering (ICO) that targeted retail investors ...
Wednesday, 31 January 2018
HMRC to make first prosecutions under Criminal Finances Act SFO also has cases in pipeline under new laws on Unexplained Wealth Orders HM Revenue & Customs is likely to be the first agency to ...
Tuesday, 30 January 2018
GDPR compliance levels are varied, EC admits Only two countries have so far adopted regulation  Germany and Austria are the only two EU countries that have so far adopted the requirements of the ...
Friday, 26 January 2018
Paradise Papers law firm linked to banned bank Offshore legal services provider sues The Guardian and BBC The Bermudan legal firm at the centre of the Paradise Papers leaks represented a bank that ...
Wednesday, 24 January 2018
More than 10% of money raised in ICOs is stolen Research uncovers big risk in blockchain fundraising Over 10% of the US$3.7bn raised in initial coin offerings (ICOs) to fund blockchain projects ...
Tuesday, 23 January 2018
Spectre and Meltdown problems persist Patches to resolve processor vulnerabilities cause new problems The ongoing problems with the Spectre and Meltdown computer microprocessor bugs are continuing, ...
Friday, 19 January 2018
Businesses urged to stop capturing payment card data Cybercriminals increasingly targeting retail card data Companies must step-up protection so sensitive customer payment data does not enter their ...
Thursday, 18 January 2018
Global cyberattacks surge by 100% in two years Bots now make up 90% of activity on some retail sites The number of cyberattacks around the world doubled to 700 million in the last two years. ...
Tuesday, 16 January 2018
Corporate fraud hits 15-year high Fraud in financial sector increases dramatically The total value of corporate fraud in the UK has risen by 538% to £2.11bn in the last 15 years and is up 6.5% ...
Monday, 15 January 2018
FINRA sets out priorities as Citgroup fined again! Earlier US$70m fine from OCC for failing to follow its checklist Fraud, high-risk firms and brokers, operational and financial risks including ...
Thursday, 11 January 2018
100. PwC banned from India
(News/Regulation)
PwC banned from India Sanction for failures in Satyam case Indian regulators have banned PwC from editing listed companies in the country for two years for failing to spot a massive fraud at IT company ...
Thursday, 11 January 2018
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